Like our Facebook Page

news details

Railways to save Rs 10,000 cr after budget merger 9/13/2016 11:05:46 PM Agencies NEW DELHI, Sept 13: Cash-strapped Railways will save about Rs 10,000 crore annually as it will no longer have to pay dividend if the separate Rail Budget is scrapped, which is likely to happen from next fiscal. A joint committee, set up to finalize the modalities for the merger of Rail Budget with the General Budget, has submitted its report to the finance ministry recommending various changes, including waiving off of payment of dividend by railways though the practice of getting gross budgetary support (GBS) from the exchequer, will continue. The Railways pays about Rs 10,000 crore as dividend a year after getting about Rs 40,000 crore. The General Budget, to be presented by the finance minister, will also have a separate annexure with details of plan and non-plan expenditures to be incurred by the national transporter, according to the recommendations of the joint committee comprising senior officials from railways and finance ministry. The recommendations will be placed before the Cabinet which has to decide on the subject, the sources said, adding till then, nothing is final. The report on merger of Rail Budget and General Budget, which was to be submitted by August 31, was delayed due to some "unavoidable reasons" and it was finally submitted to the finance ministry on September 8, sources in the railways said. Though the sources declined to divulge the committee's recommendations on the ground that the "report is now in the finance ministry's domain", it is believed that a detailed framework for a way forward has been worked out for merger of two budgets. The panel is understood to have advocated that the General Budget should have a separate annexure for the rail budget detailing the grant, expenditure and new projects for the next fiscal.   Share This News with Your Friends on Social Network     Comment on this Story

top stories of the day

Son of BJP Minister runs transfer industry, makes big buck Three more deaths raise toll to 82 Session begins in July, lecturer yet to be engaged Forest Department ignores ban on engaging DRWs Scores of families from Kashmir celebrate festival in tension free environs CM office flooded with requests from Kashmiris to bring normalcy BJP does a complete U-turn on Article 370 Dy Director, Principal at loggerheads to shift public library Srinagar is not Jammu, Kashmir and Ladakh Eid celebrated with fervor, no greetings exchanged on social media due to internet ban Four armed militants killed, cop martyred, seven injured in 3 day long encounter Valley roads present 'messy look' courtesy MCs least bothered about hygiene factor India, Pak exchange sweets on Eid at LoC J&K run by elected Govt, PoK a hotbed of terror: India to UN rights chief

STOCK UPDATE

BSE Sensex NSE Nifty

CRICKET UPDATE